Bank of Baroda became the first Indian bank to possess a building of its own in London with the acquisition of a brand new office worth pound six million. The building was christened 'Baroda House'.

The bank also launched its net banking facility to provide customers instant access to their accounts across the globe.
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Speaking at the function on Wednesday, Lord Bagri, the first non-resident Indian chairman of the London Metal Exchange, lauded the achievement of the bank, which had earned a profit of Rs 1,000 crore (Rs 10 billion) in 2002-03.

He said the bank, employing 40,000 people, had achieved great heights mainly because of its motto of service to the customers particularly when they were in dire needs.

P S Shenoy, chairman and managing director, BoB, dwelt on the bank's plans to expand its international operations in a big way in keeping with the new phase of globalisation.

Dr K C Chakrabarty, chief executive (European operations), BoB, described the acquisition as a "momentous occasion" in the history of the bank for more than one reasons.

Chakrabarty said though the bank started its United Kingdom operations in 1957, it continued in a rented building all these years.

"After a lot of efforts, the bank could finally this year obtain approval for purchase of the property, a 7-storey building, for its London main office. This in itself reflects the transformation process with the opening up of the Indian economy to global trends," he said.

Shenoy said the global vision of the bank encompassed transformation into a customer centric organisation of international standards through technological upgradations and physical presence across the globe.

"With this objective the concept of an integrated global treasury set up is under process," he said, adding that the bank planned to set up offices in China, Malaysia, Singapore and Tanzania.

"It is the bank's endeavour to position itself as universal financial services provider offering products and services not only in India but across the globe based on the needs of the customers," he said.